| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-050 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"即将停止转股暨赎回前最后半个 交易日的重要提示性公告 1、最后转股日：2025 年 3 月 25 日 截至公告披露日，距离"智尚转债"停止转股仅剩最后半个交易日（即 2025 年 3 月 25 日下午交易时段），2025 年 3 月 25 日收市后，未实施转股的"智尚 转债"将停止转股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强 制赎回，投资者可能面临投资损失。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期内转股。 特别提示： 1、"智尚转债"赎回价格：100.38 元/张（含当期应计利息，当期年利率 为 0.40%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-049 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"即将停止转股暨赎回前最后一个 交易日的重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 3 月 25 日 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转股，剩余可转债将按 照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者可能面临投资损失。 截至 2025 年 3 月 24 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 1 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期内转股。 特别提示： 1、 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses Nanshan Zhishang, a company involved in the production of ultra-high molecular weight polyethylene fibers, which are increasingly used in tendon-driven systems for humanoid robots. The industry is shifting towards this technology, with companies like Tesla and Yaskawa adopting it [2][6]. Key Points and Arguments - **Tendon-Driven Systems**: Tendon-driven systems are becoming mainstream for precision transmission in humanoid robots due to their flexible arrangement, adaptability to small spaces, and safety features. Major companies like Tesla and Yaskawa have already implemented this solution [2][6]. - **Material Preference**: Ultra-high molecular weight polyethylene fibers are preferred over steel wires due to their superior tensile strength (15 times that of steel) and lightweight properties (one-seventh the density of steel). The industry has largely moved away from steel wires [2][7]. - **Market Adoption**: Companies such as Zhaowei Electromechanical and Tesla have adopted tendon-driven solutions, indicating a global trend towards precision transmission in robotics [2][8]. - **Nanshan Zhishang's Position**: Among domestic producers, Nanshan Zhishang and Sichuan Meifeng focus on military applications, with Nanshan Zhishang being more proactive in project progress and downstream integration [2][9]. - **Collaborations**: Nanshan Zhishang has made significant progress in collaborations with downstream companies like Micro-Electromechanical Systems, Weichuang Electric, and others, with some entering the third round of sample submissions, indicating potential bulk orders [2][10]. Financial Insights - **Profit Potential**: The value of a single tendon for Tesla's robot is approximately 6,000 yuan. If the market reaches 1 million units, it could represent a market size of 6 billion yuan, with a potential profit of 1.2 billion yuan at a 20% net profit margin. Nanshan Zhishang could achieve 360 million yuan in profit from this market [3][11]. - **Future Earnings**: Nanshan Zhishang is projected to earn 1.9 billion yuan in 2024, increasing to 2.6 to 2.7 billion yuan in 2025, driven by reduced convertible bond interest and contributions from new projects [12][13]. Additional Important Information - **Market Dynamics**: The discussion highlights a divergence in material choices for tendon systems, with a clear preference for ultra-high molecular weight polyethylene due to its advantages in weight and strength, despite its lower melting point [7]. - **Investment Recommendation**: Nanshan Zhishang is recommended as a strong investment opportunity due to its technological capabilities and proactive approach in the market, positioning it favorably against competitors [9]. This summary encapsulates the key insights from the conference call, focusing on the company's strategic positioning within the evolving robotics industry and its financial outlook.

的重要提示性公告 | 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-048 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"赎回实施暨即将停止转股 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 3 月 25 日 2025 年 3 月 24 日至 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者 仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转 股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者 可能面临投资损失。 截至 2025 年 3 月 24 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 1 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-047 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于控股股东持股比例因可转换公司债券转股被动 稀释的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次权益变动主要系山东南山智尚科技股份有限公司（以下简称"公司"） 可转换公司债券（以下简称"可转债"）转股使公司总股本增加，导致控股股东 南山集团有限公司（以下简称"南山集团"）持股比例被动稀释触及 1%的整数 倍，不涉及持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及实际控制人发 生变化，不会影响公司的治理结构和持续经营。 一、本次权益变动的基本情况 自 2025 年 3 月 18 日至 2025 年 3 月 20 日，"智尚转债"累计转股 6,365,481 股，公司总股本由 427,567,911 股增加至 433,933,392 股，导致公司控股股东南 山集团在持有公司股份数量不变的情况下，持有公司股份占 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-046 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"赎回实施暨即将停止转股 的重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 3 月 25 日 2025 年 3 月 21 日至 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者 仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转 股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者 可能面临投资损失。 截至 2025 年 3 月 21 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 2 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期 ...

Group 1 - The robot industry chain is currently favored, with key materials like tendon ropes being crucial for the flexibility of robotic "hands" [1] - The mainstream tendon rope solutions are ultra-high molecular weight polyethylene (UHMWPE) fibers and steel wires, with UHMWPE fibers meeting the requirements for robotic hand power transmission due to their high strength and wear resistance [1] - Nanshan Zhishang (300918) has a production capacity of 3,600 tons and is expanding its business in this area, with recent sales orders for UHMWPE fiber tendon rope products amounting to 40,000 yuan, representing 0.002% of the company's projected revenue for 2024 [1][2] Group 2 - Nanshan Zhishang's production capacity for UHMWPE fibers is currently at full capacity, with a first phase of 600 tons launched in 2022 and a second phase of 3,000 tons launched in 2023, achieving a first-class product rate of over 95% [2] - The company is actively exploring applications related to robotics [3] Group 3 - Nanshan Zhishang has signed a strategic cooperation agreement with Wuhan University Industrial Science Research Institute and Handzhi Innovation Technology Co., Ltd., establishing a long-term partnership for mutual support in research and development [4] - The agreement includes a patent cooperation agreement aimed at promoting the application of UHMWPE fibers in the robotics field and advancing industry technology [4] Group 4 - Liu Sheng, the executive director of Wuhan University Research Institute, is frequently associated with robotics topics and has led the establishment of the "Tianwen" robot project, which aims to produce 1,500 humanoid robots annually with a projected annual output value of 300 million yuan [5] - The "Tianwen" robot features advanced capabilities in complex environment manipulation and is designed for applications in retail, elderly care, and medical services [5]

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-044 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后交易日：2025 年 3 月 20 日 2025 年 3 月 20 日为"智尚转债"最后一个交易日；当日"智尚转债"简称 为"Z 尚转债"；2025 年 3 月 20 日收市后"智尚转债"将停止交易。 2、最后转股日：2025 年 3 月 25 日 2025 年 3 月 20 日至 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者 仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转 股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者 可能面临投资损失。 截至 2025 年 3 月 20 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 3 个交易日。 山东南山智尚科技股份有限公司 关于"智尚转债"赎回实施暨即将停止交易 的 ...

特别提示： 1、本次山东南山智尚科技股份有限公司（以下简称"公司"）与武汉大学 工业科学研究院（以下简称"武汉大学研究院"）、武汉手智创新科技有限公司 （以下简称"手智创新"）签署的《战略合作协议》《专利合作协议》属于三方 合作意愿和基本原则的框架性约定，不涉及具体交易金额，具体的合作事项将以 另行签署的具体项目合作协议为准，发明专利尚需获得国家知识产权主管部门授 权，具体合作事项及实施进展存在不确定性。 2、《战略合作协议》《专利合作协议》的签订目前不会对公司业绩产生重 大影响，对公司未来年度经营业绩的影响需视具体项目的推进和实施情况而定。 具体合作事项及项目实施存在一定的不确定性。 3、截至本公告披露日，公司超高分子量聚乙烯纤维腱绳产品实现销售订单， 含税金额为 40,000 元，占公司 2024 年全年营业收入的 0.002%，占比非常小， 对公司业绩不会形成影响，敬请广大投资者注意投资风险。 | 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-045 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于签订专利合 ...

Investment Rating - The report maintains a "Buy" rating for Nanshan Zhishang (300918) with a target price based on the last closing price of 21.34 [1][8]. Core Views - The traditional business remains stable, with expectations for accelerated growth in ultra-high molecular weight polyethylene (UHMWPE) and nylon in 2025 [1][8]. - The company is focusing on optimizing product structure and enhancing operational quality, which is expected to improve profitability in its traditional business [5][8]. Financial Performance Summary - In 2024, the company reported revenue of 1.616 billion yuan, a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 191 million yuan, a decrease of 5.8% [4][11]. - The fourth quarter of 2024 saw revenue of 453 million yuan, down 5.0% year-on-year, and a net profit of 66 million yuan, down 19.8% year-on-year [4][11]. - The company’s revenue and net profit forecasts for 2025, 2026, and 2027 are 2.317 billion yuan, 2.818 billion yuan, and 3.337 billion yuan respectively, with corresponding net profits of 258 million yuan, 330 million yuan, and 413 million yuan [11][8]. Business Segment Performance - The fabric segment experienced a revenue decline of 9.54% to 810 million yuan, influenced by downstream demand, but the gross margin improved by 1.54 percentage points to 35.54% due to high-value product orders and effective cost control [5][8]. - The apparel business saw a revenue increase of 4.45% to 610 million yuan, with a gross margin increase of 0.75 percentage points to 36.55% as the company strategically reduced low-margin orders [5][8]. - The UHMWPE segment achieved a revenue increase of 94.75% to 176 million yuan, driven by the full production of the second phase [6][8]. Strategic Developments - The company plans to establish a garment production facility in Indonesia with a total investment of 15.67 million USD (approximately 112.38 million yuan), expected to enhance overseas trade by leveraging local labor and tax incentives [5][8]. - The nylon project, with an annual capacity of 80,000 tons, is progressing well, with partial production lines already operational and full operations expected by May 2025 [6][8]. Growth Outlook - The company aims to build a new materials industry ecosystem with a focus on traditional apparel and new material fibers, anticipating a synergistic development across the entire industry chain [8][11]. - The expected net profit growth rates for 2025, 2026, and 2027 are 35.2%, 28.1%, and 25.0% respectively, indicating strong future performance [11][8].